It’s impossible to predict the direction in which any real estate market will move, but looking at the numbers from the recent past, home prices are up, while inventory remains limited in the D.C. region.
According to Real Estate Business Intelligence, the “total sold dollar volume” in February was up nearly 6 percent compared to February 2013. Median sold price was up 5.6 percent and average sold price was up 9.7 percent over the same period.
Speaking to limited inventory, however, the numbers compared to February 2013 also showed the number of closed sales down 3.5 percent and the average days on market down 8.3 percent.
If you’re wondering if it’s a good market in which to list your house, limited inventory and price direction points toward a seller-oriented market. Again, there’s no way to predict the future, and the true value of a home is only determined by how much a person will pay for it at a given time. But heading into the spring and increased buying activity that traditionally accompanies the warm weather, it could be a good time to test the home selling waters.
Contact us at D.C. Region Real Estate and we’ll sweeten the pot by listing your home at a 4 ½ percent commission rate—providing you full service and allowing you to keep more money in your pocket.